Bulgaria's Energy Grid Ready for Winter Mode

Bulgaria's energy system is ready to start working in a winter mode stated Bulgarian Energy Holding CEO Mihail Andonov.

Speaking for Darik Radio, Andonov was resolute that no power outages or problems with natural gas deliveries are to be expected for the 2012-13 winter.

The BEH CEO further informed that all companies have conducted all preparatory measures to take up increased demand of power during the colder season.

Andonov further commented on the status of troubled Bulgarian gas company Bulgargaz, saying that its troubles stem from a systematic failure on the part of its customers to pay for gas deliveries.

"Bulgargaz will not table a net profit before the end of 2012, but its financial condition is bound to get better," said the BEH president.

Andonov also revealed that the Holding is to emit bonds to finance troubled daughter companies, such as Bulgaria's National Electric Company (NEK), and is to undergo a credit rating evaluation by Fitch.